PE Tech Report


Like this article?

Sign up to our free newsletter

Accel-KKR to sell iTradeNetwork to Roper Industries for USD525m

Accel-KKR, a technology-focused private equity investment firm, has reached a definitive agreement to sell iTradeNetwork, a provider of supply chain management software and business intelligence solutions to the food industry, to Roper Industries for USD525m in cash.

iTradeNetwork’s solutions allow distributors, manufacturers, operators, retailers, suppliers and wholesalers to reduce cost, grow revenue and strengthen trading partner relationships.

It has more than 6,200 customers, including 16 of the top 20 food retailers/wholesalers, 75 of the top 100 food manufacturers, 50 of the top 50 distributors, eight of the top 20 restaurant chains and four of the top six foodservice management companies.

Accel-KKR acquired a minority equity position in California-based iTradeNetwork in February 2006 and subsequently acquired a majority interest in the company in December 2007.

With Accel-KKR’s backing, iTradeNetwork acquired Instill in June 2008 and Amphire in September 2008.

Roper provides engineered products and solutions for niche markets, including water, energy, radio frequency and research/medical applications. The transaction is expected to allow iTradeNetwork to leverage Roper’s global presence to introduce its products and services across a broader range of geographic markets.

Tom Barnds (pictured), managing director of Accel-KKR, says: "It has been a pleasure to work with Rob Bonavito and the dedicated team at iTradeNetwork to build, both organically and through acquisitions, the leading company in the foodservice software market. We are delighted by the success that iTradeNetwork enjoyed during our partnership, which included more than tripling its revenues and Ebitda, yet we are pleased to see the company become part of a global leader like Roper Industries as it embarks upon the next stage of its development."

Rob Bonavito, chief executive of iTradeNetwork, adds: "We have truly enjoyed working closely with the team at Accel-KKR, who have delivered on each of their commitments to help us grow our company. The results speak for themselves. We could not have had better partners."

Like this article? Sign up to our free newsletter